A Quote by Warren Buffett
Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.
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Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke. So the savings and loans went broke, the government stepped in, paid off depositors, and now they're left with this mass of assets to sell. We're not talking about selling here, we're talking about buying intelligently. They were selling what they got handed to them by a bunch of savings and loan operators that had in many cases had done some very dumb thing. But their job was to liquidate it. And they liquidated.
The nation's largest savings and loan, Washington Mutual, has become the biggest bank failure in history. See, the problem with the savings and loans? Not enough savings, too many stupid loans, okay In fact, they changed their name from WaMu to 'screw you.'
Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.
I grew up with a single mom who was a waitress. We were on food stamps. My mom then got Pell Grants, put herself through college to get a degree to get a better job. Because we were broke, I then had to go to a state school. I went to Temple University, and had to get loans. So I grew up in a world where I saw the government helping individuals pull themselves up, and saw it work very successfully.
If I collected all the diamonds in the world, I'd have no 'income' but I'd have a lot of 'assets'. Would my company be worth nothing because I have no income? A lot of Net companies are collecting assets. They have to be measured with a new set of metrics.
Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.
I worked for a breakfast catering company on commercial shoots, which meant getting up at 3 or 4 A.M. and loading up your car with a bunch of food and driving out to some set in Santa Clarita and making breakfast for a bunch of people.
If I had challenges in my company, I would not hesitate to sell assets to remain afloat, to get to the better times, because it doesn't make any sense for me to keep any assets and then suffocate the whole organization.
The contented and economically comfortable have a very discriminating view of government. Nobody is ever indignant about bailing out failed banks and failed savings and loans associations... But when taxes must be paid for the lower middle class and poor, the government assumes an aspect of wickedness.
That was not part of the U.N. resolution; it was not part of the mandate to go on to Baghdad and, frankly, if we had gone into Baghdad and pushed Saddam Hussein off, we would have inherited an even bigger mess than the mess we inherited with the refugee problem.
One of the reasons I thought a censure resolution was appropriate was because if somebody had censured Nixon or even if a resolution of either house had passed, saying what you're doing is unacceptable to Congress, that shot across the bow might have straightened him up.
People should have an escape valve for their money, their assets. If you have substantial financial assets, the government is going to confiscate the purchasing power of those assets and spend it.
The death tax causes one-third of all family-owned small businesses to liquidate after the death of the owner. It is also an unfair tax because the assets have already been taxed once at their income level.
In Lebanon, there was an agreement not to liquidate Yasser Arafat. In principle, I'm sorry that we didn't liquidate him.
We do not view the company itself as the ultimate owner of our business assets but instead view the company as a conduit through which our shareholders own assets.
When students have access to low-interest loans and government aid, colleges have no incentive to cut costs. Why should a college lower tuition if more students are able to pay with subsidized loans from the government?
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